Mahindra Holidays -; Resorts to sell entire 10.76% stake in Nreach for Rs29.31 crore

18 Feb 2022 , 02:45 PM

Mahindra Holidays & Resorts India Limited has agreed on Thursday to sell its entire investment consisting of 5,738 equity shares (10.76% stake) in Nreach Online Services Private Limited (Nreach), held as an investment by the Company.

The company has agreed to sell its entire stake held in Nreach for consideration of Rs29.31 crore. The Company had invested in Nreach in October 2016.

At around 2.46 pm, Mahindra Holidays & Resorts India Ltd was trading at Rs210.65 per share down by Rs3.3 or 1.54% from its previous closing of Rs213.95 per share on the BSE.

“Nreach is neither an associate nor a subsidiary company and hence, it does not impact turnover or revenue or income of the Company. The carrying value of investments as on March 31, 2021 was Rs3 crore,” company said in a regulatory filing on Friday.

The buyer Gift Management Asia Pte. Ltd. is engaged in the business of loyalty program management and development across the globe and serves the multi-faceted loyalty industry across three main functions including Loyalty Issuance, Loyalty Exchange, and Loyalty Payment. APIS Growth Fund II, a private equity fund managed by APIS Partners LLP, a UK-based asset manager that supports growth stage financial services and financial infrastructure businesses, has invested US$50 million in Gift.